subject: Do Your Homework To Find The Best Car Loans For College Students [print this page] If you're at college and need some wheels to get around, you may have found that getting a loan to finance the purchase is not easy. Being at college and probably not having a great deal of income or credit history can make it difficult to persuade a bank or loan provider to loan you money. It is certainly not impossible, however, as there are lenders out there who are more than willing to provide car loans for college students - you just have to do your homework and shop around for them.
Online is the best place to start looking for car loans for college students there are dozens of lenders out there all competing against each other to try and win your business, which keeps the rates down. Try a comparison site which will do a lot of the hard work for you simply enter your details and they will search for the best loans available online and bring them up in a list for easy comparison. Be sure to enter your details honestly and correctly so that you get accurate quotes and cover that you can rely on. Applying for car loans for college students online can often be easier and quicker than traditional means and can be done any time of day or night.
It is important to be realistic when buying a car you may want to impress all your friends and cruise around campus in some hot wheels but make sure that you can afford to pay off the repayments on your car each month. College can be hard enough without having to worry about where your next payment is going to come from. You certainly don't want to rack up a bad credit rating at such a young age. Think about the cost of fuel, maintenance, insurance and of course loan payments and figure out what you can afford most online lenders, including those who provide car loans for college students, have loan calculators to work out rates and repayments.
Although car loans for college students are certainly available, be aware that the interest rates will often be higher because of the increased risk with little or no income and often no credit history at all, students cannot present much to back up a loan. One way of receiving a lower interest rate on car loans for college students is to use a co-signer asking a parent or guardian who has good credit history to co-sign the loan helps reduce the risk to the lender and can therefore lower the rate. If nothing else, co-signers help with the receivership of car loans for college students.
Whether you decide to buy a new or used car, from a dealership or through a private seller, you should do your homework and find out the rates charged by every available supplier of car loans for college students banks, credit unions, dealerships and online lenders. That way, you'll know that you have got the best rate, and one you can afford.
Do Your Homework To Find The Best Car Loans For College Students
